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Marc and Michelle are married and earned salaries this year of $68,400 and $13,650, respectively....

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Accounting

Marc and Michelle are married and earned salaries this year of $68,400 and $13,650, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,050 from corporate bonds. Marc contributed $3,050 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,050 (under a divorce decree effective June 1, 2006). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $3,000 child tax credit for Matthew. Marc and Michelle paid $7,100 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $3,140 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.)

b. What is Marc and Michelles adjusted gross income?

c. What is the total amount of Marc and Michelles deductions from AGI?

d. What is Marc and Michelles taxable income?

e. What is Marc and Michelles taxes payable or refund due for the year?

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